Back up Bass

Hey All,
I am in need of a backup/beater/project bass. This would be the bass that I would need while my Ibby SR505 is in the shop or one that would be fine for testing out home repairs. It would also be used to help teach my 12 year old brother how to play bass (Long Live Bass Players! lol). So what would be a good one for about $100-$150? I played this one at my local music store and it wasn't bad. http://atlanta.craigslist.org/nat/msd/3893898750.html
I know the owner and am pretty sure I can negotiate with him if necessary. So Yay? Or Nay? Or Something else? Thanks!

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Malak the MadOver the River and through the Looking GlassSupporting Member

If you're willing to pitch in another thirty-or-so dollars, you can get a variety of new Squiers that usually go for $180+tax. Just ignore the MSRP on the Fender pages the street/market cost can be found on any retailers website (Guitar Center, Musician's Friend, Sweetwater, etc )

Another option is to check out Guitar Center's Used Gear list. There's a lot of stuff to choose from at your price-point. Also, they have a very fair return policy, should you get a lemon.http://used.guitarcenter.com/usedGear/index.cfm